RIYADH: Dubai-listed National Central Cooling Co., also known as Tabreed, will invest $200 million to establish a district cooling firm in Singapore, the company’s chief executive told CNBC Arabia.
District cooling firms deliver chilled water via insulated pipes to cool offices and industrial and residential buildings.
The firm’s liquidity currently stands at 1.2 billion dirhams ($330 million), the company’s chief executive, Khalid Al Marzooqi said, noting that this is the highest it’s been in a long time.
Despite pandemic-driven repercussions, the company was able to achieve a 10 percent increase in revenues last year, according to Al Marzooqi.
Tabreed has been on a shopping spree during the pandemic, snapping up assets in locations such as Abu Dhabi’s Saadiyat Island, home to a branch of the Louvre Museum.
It also acquired an 80 percent stake in Dubai developer Emaar’s downtown district cooling business for 2.48 billion dirhams.